Question # 1

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

If price changes by one % and supply changes by 2% then supply is

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elastic

inelastic

indeterminate

static

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

With an increase in cost of production, price of the product rises while supply of the product will.

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Fall

Rise

Remain unchanged

Non of the three

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

In the long-run a competitive firms attains only:

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Normal profit

Super Normal profit

Sub-Normal profit

Marginal cost

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

Land means

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sea

surface of earth

natural forests

all natural resources

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Food, Shelter and clothing are:

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Necessities

Comfort

Luxuries.

None of three

This is NOT the result of specialization

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increased production

improvement in quality of product

increase in cost of production

increase in trade

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

When both demand and supply fall in equal proportions, price of the product will .

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Fall

Rise

Remain the same

None of the above

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